Two in five urban Indians consider saving money for unexpected hardships as top financial priority in 2021, according to a survey by YouGov. More than 35 per cent of urban Indians want to ensure their own protection and their families in case of emergencies. Meanwhile, 27 per cent look forward to fulfilling their regular financial commitments in 2021.
The report said that paying off debts and accumulating money for retirement are at a lower priority for Indians this year. The figures stood at only 22 per cent. The YouGov says that saving for retirement appeared lowest priority for 2021 in all markets except Hong Kong (31 per cent) and Singapore (33 per cent).
Saving for themselves and their families is the priority
The You Gov report said that investment is a big priority for Asian countries like Hong Kong and Indonesia (38 per cent and 37 per cent respectively), Singapore (29 per cent) and China (28 per cent). However, the report said that 25 per cent urban Indians are likely to make money by investing it in 2021. Buying a home is not a top priority in most of the surveyed markets. However, the report said that one in seven Indians plan to purchase a home or property in 2021. It mentioned that importance of purchasing assets like car, furniture and other things was high in India (15percent). People in European countries think of returning to pre-pandemic spending habits. However, less than one in Indians consider it important and saving seems to be a main goal.
saving money for unexpected hardships top financial priority FOR Indians
NON ESSENTIAL SPENDING
The report noted that Indians are likely to continue restricting non-essential spending in the future also. In the survey, about 77 percent of the people had this opinion. The YouGov survey also noted that India ranked among the top countries where people used contactless payment wherever possible.